US court refuses to grant interim judgement to NAMA against Sean Dunne

Sean Dunne, and wife Gayle, who left a trail of financial destruction in Ireland

Following the exclusive revelation on here last month that a Connecticut property associated with the Dunnes – Sean, the former “Baron of Ballsbridge” and wife Gayle – was sold for USD 5.5m (€4.5m), NAMA made an application in the US courts attempting to freeze Sean Dunne’s assets. Sean is being accused of shenanigans in relation to transactions involving three properties: 38 Bush Avenue and 42 Bote Road, both in Connecticut and an apartment in the Chene-Bougeries suburb of Geneva. He owes NAMA at least €185m following a judgment earlier this year, but NAMA seems to think he has benefited from transactions involving the three properties, and the Agency wants its money.

Unfortunately for NAMA, the US courts have refused to grant an interim order stopping dispersal of assets and according to the Mail on Sunday today, the case is set to be heard in October this year. The Dunnes have previously denied owning the US properties and are seemingly claiming the transaction involving the Swiss apartment yielded little or no profit.

The Mail on Sunday today gives us an update on everyday life for the Dunnes. Sean is still driving the USD 36,000 Lexus and the wife has a lowly USD 7,000 Jeep Cherokee, though that doesn’t stop NAMA describing both vehicles as “luxury” in its application. Of more interest is that the Dunnes are “believed” to still reside at 421 Field Point Road, the famous mansion in Greenwich with the colourful history and which costs close to USD 20,000 a month to rent. There are photos of the cars and house, courtesy of the local newspaper “Greenwich Time”, here.

In addition to the properties at Bote Road and Bush Avenue, the Dunnes are said to have “a third house in the US [that] remains unsold” – this “third house” is not unidentified.

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6 Responses

I don’t know if $36k is the current value of the jeep or what, but considering he presumably bought it brand new (he was pictured with it in 2010, and running the plates show that it is a 2010 jeep), for over $50k, if not closer to $60k depending on spec. So it’s not unreasonable to refer to it as luxurious, especially concerning someone who should be leaving within very restricted means.

@Anonymous, it was the USD 7,000 Jeep Cherokee whose “luxury” status is is question, in the US it’s a basic runabout, no more. As for Sean Dunne’s restricted means, I think his wife Gayle is going to be crucial to the forthcoming battles, as presumably like every married couple, one may transfer property to the other and given Sean’s earnings and wealth during the boom, those transfers might have been significant and would certainly be expected to support the purchase and maintenance of a USD 60,000 SUV.

@NWL and completely legal too,may have been part of estate or tax planning.
The profit numbers been bandied about are wide off the mark,factor in construction costs,at least 300 sq.ft. the house is 4,600 sq.ft.
Closing costs,legal fees,taxes and carrying costs, today’s indo off by about 1 million.The “MonS” story is a little off too.
“The action taken in the Connecticut Superior Court is ‘based on his failure to repay amounts demanded”..
here is the link.http://www.jud.state.ct.us/external/super/divisions.htm
More likely to have been in the Supreme Court,but no records available online.
Will keep looking,sure its a nice day I can always pop up there.http://appellateinquiry.jud.ct.gov/PartyNameInq.aspx